Ownership Submission
FORM 3
 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
  Sheppard Valarie L
 2. Date of Event Requiring Statement (Month/Day/Year)
08/01/2005		 3. Issuer Name and Ticker or Trading Symbol
PROCTER & GAMBLE CO [PG]
(Last)
(First)
(Middle)
ONE PROCTER AND GAMBLE PLAZAONE PROCTER		 4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
_____ Director _____ 10% Owner
__X__ Officer (give title below) _____ Other (specify below)
Comptroller
 5. If Amendment, Date Original Filed(Month/Day/Year)
(Street)

CINCINNATI, OH 45202		 6. Individual or Joint/Group Filing(Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Beneficially Owned
1.Title of Security
(Instr. 4)		 2. Amount of Securities Beneficially Owned
(Instr. 4)		 3. Ownership Form: Direct (D) or Indirect (I)
(Instr. 5)		 4. Nature of Indirect Beneficial Ownership
(Instr. 5)
Common Stock 10,118
D
 
Common Stock 5,278.4098
I
By Retirement Plan Trustees

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly. SEC 1473 (7-02)
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Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 4)		 2. Date Exercisable and Expiration Date
(Month/Day/Year)		 3. Title and Amount of Securities Underlying Derivative Security
(Instr. 4)		 4. Conversion or Exercise Price of Derivative Security 5. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 5)		 6. Nature of Indirect Beneficial Ownership
(Instr. 5)
Date Exercisable Expiration Date Title Amount or Number of Shares
Series A Preferred Stock   (1)   (1) Common Stock 4,615.1547 $ (2) I By Retirement Plan Trustees
Stock Option (right to buy) 02/28/1997 03/01/2006 Common Stock 1,370 $ 20.2962 D  
Stock Option (right to buy) 02/28/1998 02/28/2007 Common Stock 2,784 $ 29.8768 D  
Stock Option (right to buy) 02/27/1999 02/27/2008 Common Stock 3,530 $ 41.9732 D  
Stock Option (right to buy) 02/26/2002 02/26/2014 Common Stock 1,936 $ 44.2656 D  
Stock Option (right to buy) 09/15/2002 09/15/2014 Common Stock 4,814 $ 47.4759 D  
Stock Option (right to buy) 09/15/2002 09/15/2015 Common Stock 10,710 $ 31.0118 D  
Stock Option (right to buy) 09/24/2004 09/24/2016 Common Stock 11,622 $ 34.5688 D  
Stock Option (right to buy) 09/13/2005 09/13/2012 Common Stock 10,408 $ 45.6625 D  
Stock Option (right to buy) 02/27/2007 02/27/2014 Common Stock 26,174 $ 51.415 D  
Stock Option (right to buy) 02/28/2008 02/28/2015 Common Stock 23,507 $ 53.595 D  

Reporting Owners

Reporting Owner Name / Address Relationships
Director 10% Owner Officer Other
Sheppard Valarie L
ONE PROCTER AND GAMBLE PLAZAONE PROCTER
CINCINNATI, OH 45202		       Comptroller  

Signatures

VALARIE L. SHEPPARD 08/01/2005
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 5(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1) Shares held by Retirement Plan Trustees. If officer terminates employment and elects distribution of shares, or, if after age 50 elects alternative investment within Plan, Preferred Stock converted/redeemed at specified conversion/exercise price.
(2) Higher of $6.82 (adjusted for 2-for-1 stock split effective May 21, 2004) or market price of Common Stock.

Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, See Instruction 6 for procedure.

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